Philipp Plein has set out to revolutionise the way we purchase clothing, offering crypto payments online and in-store. The German fashion designer opened the first store in London to officially accept crypto payments on Thursday 28th of April.
It is expected that 5% of sales will be made in crypto initially, in line with the percentage made through the online store. The prices will fluctuate every ten minutes to ensure that customers pay current exchange rates only. QR codes have also been added to all clothing tags, so that most up to date rates can be checked using smartphone devices.
The four-storey Mayfair store initially opens as a pop-up with plans to re-develop over summer to return as a permanent shop. The layout of the store comprises of accessories and footwear on the ground floor, while the second and third floor house Plein’s 2022 spring/summer collection. There is a strong focus throughout on the latest technology with the fourth floor being dedicated to Crypto King$ NFT Art collection.
As Plein’s extravagant clothing designs already appeal to a younger audience it seems fitting for the brand to join forces with this new way of spending. Buyers in the Gen Z and Millennial brackets make up nearly 94% of all Crypto Buyers. Younger buyers invest in crypto as part of a lifestyle movement where they look for new and innovative ways to part with their digital currency.
The idea of moving the fashion industry into the Metaverse is something that Plein is passionate about. And, with the latest UK announcement for plans to become a ‘global-hub’ for crypto, there seems to be no better time to jump on the trend and open a crypto focused store in the heart of London.
Words By Seraphina Volpi
Featured Image Jonathan Prynn
